Gold prices up in Hyderabad market

Hyderabad : Amidst tense situation on home front due to the ongoing impeachment proceedings against President Donald Trump coupled with disturbing geo-political global environment, gold remained moderately low and closed at $1,480.50 per ounce. Silver followed suit and closed at $17.27 dollars.

At home, standard gold (24 carat) recorded an appreciation of Rs 450 and closed at Rs 38,190 per 10 gm. Ornamental gold too appreciated proportionately and was quoted in the range of Rs 36,310-36,410 per 10 gm on the closing day.

Silver (0.999) also appreciated by Rs 800 and closed at Rs 44,900 per kg. Platinum and palladium remained firm and closed at Rs 29,130 per 10 gm and Rs 43,380 respectively.

Now, that the government has decided to make hallmarking of gold ornaments made of 14, 18 and 24 carats compulsory, the gullible buyers who were cheated by some unscrupulous jewellers claiming higher quality of the ornaments would get some relief.

Commodities

The sentiment in local principal commodity markets at Begum Bazar, Mir Alarm Mandi, Risala Abdullah, Osman gunj, Kishan gunj, Maharaj gunj, Saroor Nagar, Kukatpally, Bowenpally, General Bazar and Monda Market remained strong.

Despite the fact that last monsoon excessive rains have caused the large-scale damage to all crops and in particular groundnut, the export of groundnut oil to China has registered three-fold increase in the current year.

The export has crossed 40,000 tonnes. However, the benefit of increased earnings has not gone through to the farmers.